Your business challenge
Periodic consolidation and reporting can be a complex and time-consuming task for many organizations, mainly due to:
- Regulatory compliance requirements
- Increased cost pressure
- Additional reporting requirements
- Higher demand for agility in reporting and planning
- Lack of technology, talent and resources
Organizations with multiple entities entering into complex group structures may face additional challenges. In order to meet investors’ expectations, organizations should seek to streamline the consolidation and financial reporting on a group level and provide more detailed consolidation processes for corporate groups.
Group accounting can be exposed to several internal and external challenges, such as:
- Regulatory changes resulting in additional reporting requirements
- Digital disruptions due to fast-changing, innovative solutions
- Finance transformation
- Performing the consolidation process for the first time
- Special purposes, such as US tax reporting
- Changes in IT consolidation tools
- Outsourcing of the consolidation process
- Integration of new entities into the group consolidation process
- Agile reporting
- Fundraising
- Lack of skilled resources to perform consolidation process